Offshore staff
LONDON — Orcadian Energy has concluded the farm-out of an 81.25% interest in license P2244 in the UK central North Sea to Ping Petroleum UK.
The company retains an 18.75% share of the concession, which includes the Pilot Field development, and is fully cost-carried to the first offload of produced oil.
Ping/Orcadian intends to deploy polymer flooding technology, which has worked at Ithaca’s Captain EOR project in the Outer Moray Firth. For medium-viscosity oil fields, such as Pilot, Orcadian explained that polymer flooding can reduce the amount of fluid handling and associated energy requirements, as well as materially boosts the recovery factor.
Consultant Sproule estimated Pilot’s gross 2P reserves at 78.8 MMbbl, using polymer flood. These volumes will be reclassified as 2C contingent resources until Ping has received approval for its field development plan.
Its near-term priority will be to secure an FPSO and prepare the plan for submission to the UK’s North Sea Transition Authority (NSTA), with Orcadian providing support on the subsurface aspects.
Ping’s phased development is based on a polymer flood of the reservoir, an FPSO and the supply of power from a floating wind turbine or a local wind farm.
04.03.2024
